Core Viewpoint - Citi has initiated a 30-day upward catalyst observation for Luk Fook Holdings (00590), anticipating enhanced quarterly operational data for Q3 FY2026 to be released in January [1] Group 1: Sales Performance - Strong sales momentum observed in October and November is expected to continue into December [1] - The adjustment of the value-added tax policy is projected to positively impact gross margins in the second half of FY2026 and the first half of FY2027 due to robust sales growth [1] Group 2: Profit Forecasts - Citi has raised its net profit forecasts for Luk Fook for FY2026, FY2027, and FY2028 by 5%, 5%, and 2% respectively [1] - The current valuation at a price-to-earnings ratio of 7.3 times and a dividend yield of 6.2% is considered attractive [1] Group 3: Sales Growth Projections - An increase in fixed gold product prices in late December last year is expected to boost sales before the price hike takes effect [1] - Same-store sales growth for franchise stores is projected to exceed 20% in December, while self-operated stores are expected to exceed 5% [1] - Franchise same-store sales growth is anticipated to accelerate from 27% in Q2 to over 30%, while self-operated stores are expected to increase from 3% to over 10% [1]
花旗：对六福集团(00590)开启30天上升催化观察 目标价升至35.2港元